Consequently, the late twentieth and early twenty-first centuries were defined by aggressive consolidation. Today, the landscape is dominated by a handful of massive conglomerates—The Walt Disney Company, Warner Bros. Discovery, Comcast (Universal), and Sony Pictures. Disney’s strategic acquisitions of Pixar, Marvel, Lucasfilm, and 20th Century Fox epitomize this trend. By hoarding libraries of beloved IP, these studios mitigate the financial risk inherent in filmmaking. They are no longer just producing movies; they are managing ever-expanding "cinematic universes" where individual productions are interconnected episodes designed to feed a continuous cycle of consumer engagement across toys, theme parks, and apparel.
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